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Vietinbank to open first subsidiary in Germany

VGP – The Việt Nam Joint Stock Commercial Bank for Industry and Trade (Vietinbank) has received approval in principle from the State Bank of Việt Nam to start up a subsidiary company in Germany with a total investment of about €50 million.

April 10, 2012 11:41 AM GMT+7

The new company called Vietinbank Europe will be located at 44 Reuterweg in Frankfurt.

The new subsidiary was originally a branch of Vietinbank which first opened in Germany in September 2011.

Viettinbank is required to complete all the legal formalities, install new facilities and recruit personnel to get the subsidiary into operation within 20 months.

VietinBank was first established in 1988 and is one of the four largest State-owned commercial banks in Việt Nam./.